DCM Shriram Consolidated Ltd reported a 78 per cent jump in standalone net profit for the quarter-ended March 2012 on higher sales from bio-seed, sugar and chlorovinyl business.
The company reported a net profit of Rs 34.69 crore on revenue of Rs 1,296 crore for quarter against a net of Rs 19.49 crore on revenue of Rs 1,078 crore in corresponding last quarter.
Consolidated net profits for the quarter stood at Rs 49 crore on revenue of Rs 1,337 crore against a net of Rs 29 crore on revenue of Rs 1,106 crore in corresponding last quarter.
For fiscal 2012, DSCL bounced back into black with a profit of Rs 11.9 crore against a net loss of Rs 14.3 crore in the previous year. Revenues for fiscal 2012 grew 21 per cent to Rs 5,039 crore against Rs 4151 crore in fiscal 2011.
The board has recommended a dividend of 20 per cent or 40 paise on par value of Rs 2 each. Sales from bioseed business in the March quarter grew 19 per cent to Rs 133.8 crore, while higher volumes and better realisations in the sugar business led to a 16.5 per growth in earnings at Rs 279 crore.
“We are glad to report a satisfactory performance for the quarter. Our agribusinesses continue to hold strong promise and deliver stable earnings growth which we expect should continue in the coming year,” said Mr Ajay Shriram, Chairman and Senior Managing Director.
The shares of DCM Shriram ended 1.36 per cent down at Rs 40 on the BSE on Friday.